I know that the current system has little chance of making the grade.

Here’s an idea that requires processing:
- Every newborn citizen gets $51,400 put into an escrow account. It gets credited with 2% “real” interest every year (above inflation).
- That money can only be used for purchasing education at $5k per year in today’s dollars. Parents who want what they would perceive to be better would have to pay more to get it.
- Using the assumptions noted, that $51,400 would get someone through 12 years of schooling. If a kid gets through faster, they can use the leftovers for college (watch a whole bunch of kids all of a sudden become high achievers).
- Phase out public schools over the 18 years involved. Public schools would have to figure out how to get by on 5K per kid as those paying with escrow money come into the system.

Market competition would force schools to figure out how to deliver suitable education for 5K, or whatever the right number is, per year. Regardless, it can be done on some number that is way less than the 10K or so that is typically spent now, especially if you exclude extracurriculars, which are already moving to pay for play anyway.

John Stossel has an interesting take on the vouncher issue.
http://www.townhall.com/columnists/JohnStossel/2007/11/07/with_government_money_come_strings?page=full&comments=true

“.. Once vouchers are widespread, we can expect the education establishment …to find ways to turn the program to its advantage.” Bureaucracies have a powerful survival mechanisms.

“f vouchers contain this potential danger, what can be done to help get kids out of dismal government schools? A better alternative is a tax credit for any parent who pays for private schooling or anyone else who helps put child through non-government schools.”
My opinion is still fluid, leaning pro-voucher. It’s worth reading.